Insurance companies hurt by Obama announcement

posted by Tom Moore, Newsradio WTAM 1100
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3 years ago

(Cleveland) -- Some are saying that President Barack Obama did insurance companies no favors at all by announcing Thursday a reversal in a portion of the health care law. Steve Millard, president and executive director of COSE (Council of Smaller Enterprises) tells WTAM 1100's Bill Wills that even though the president said that people who received cancellation notices can now renew their plans, that's not something that will occur right away. "The insurance industry has been working for two and a half years to adjust to this. This isn't easy sort of stuff to deal with," said Millard, referring to all the changes that have come to Obamacare. Millard says insurance companies are stuck between a rock and a hard place in being told to rei, saying the president "Has put carriers in a position where they have to bring back these plans, even if it's economically bad for them." COSE, which has 14,000 members, has numerous programs for small businesses, including offering health insurance packages.